Buffalo Company purchased an electric wax melter on April 30, 2020, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. $17,064 List price of new melter Cash paid 10,800 12,096 Cost of old melter (5-year life, $756 salvage value) Accumulated Depreciation-old melter (straight-line) Secondhand fair value of old melter 6,804 5.616 Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Buffalo's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit No. Account Titles and Explanation (a) Exchange has commercial substance: (To record current depreciation.) (To record exchange of the equipment.) (b) Exchange lacks commercial substance: (To record current depreciation.) (To record exchange of the equipment.)